A developer who has become one of the most prominent in Jersey City’s Journal Square neighborhood has secured a new loan that will refinance some of its existing debt while paving the way for a new project.
HKS Real Estate Advisors announced that they have secured a $32 million loan for the Namdar Group, which will be used for refinancing and pre-development work on several projects. Ayush Kapahi at HKS facilitated a portion of the loan, which will go towards the under-construction 629 Newark Avenue development.
Another slice of the funding will go towards their acquisition of 38 Cottage Street, which was recently approved by Jersey City’s Planning Board. The final portion of the money will go towards assembling several lots abutting what is now Central Avenue following the completion of that road’s extension.
Namdar Group will be looking to purchase several lots at 8-10, 12, 14, and 16 Lott Street. The road could be missed by many; it is mostly a parking area behind several older two- and three-story buildings, one of which is occupied by a doctor’s office.
This loan, provided by Post Road Group, will fund the acquisition of 12-16 Lott Street for a future multifamily project. The assemblage will form the basis for what Namdar is calling the Park Tower development. The company has already posted an early rendering on its website for a preliminary sneak peek.
As of right, the site gives Namdar Group the potential for a 47-story building that can include up to 1,151 residential units, 5,000 square feet of retail space, and 26,000 square feet of office space.
While the potential Park Tower development still has a long way to go before any type of work can begin, the planned acquisition of the lots shows that Namdar Group is not nearly done making their mark on Journal Square.
